Perform your due diligence, calculate potential cash flow and ROI, and if it doesn't meet your buying criteria, walk away from the deal.

Or just perform option 2 and see what happens during the rainy season and winter?

So, I am performing one or more cashout refis after the initial purchase event.

We will wait and see how four multifamily deals that we evaluated (two (2) separate 16 unit properties, a 20 unit and a 32 unit) will perform as things turn and develop.

We get to what the average is by having half of properties perform better than the average, and half performing worse than the average.   

My long winded question is how does land traditionally perform in down markets and who are the people looking to purchase land in down times?

While the deal is important, and your investors should be able to perform their own underwriting to validate your assumptions, the operator is by far the number one risk. 

This means that even if you wanted to start a construction project you wouldn't be able to because you are unable go through intake for review or pull permits nor can you schedule an inspector to come perform an inspection as everyone is Sheltering in Place. 

Stocks are amazing tax wise and have performed neck to neck with real estate (excluding taxes) in many countries due to the nature of business but they tend to have low cash flow and the volatility can lead to one needing cash right when the market is down.

Here is the language that I was given by my agent to use in the contract:Notwithstanding any other provisions of this Agreement, the parties agree and acknowledge that in the event either the Buyer, Buyer’s lender, Seller, any of their respective service providers, government agency or any other agency becomes the subject of a voluntary or mandatory COVID-19 virus quarantine or closure prior to or at the time of Closing, or if Buyer or Seller is the party to another transaction that is delayed as a result of a voluntary or mandatory COVID-19 virus quarantine, that results in the parties inability to perform on the Closing Date, the closing may be automatically extended by either party for a period of up to ten (10) business days after such quarantine or closure order is lifted, up to a maximum delay of thirty (30) days unless the parties otherwise mutually agree to extend the performance date further.